Prices are showing a Bullish Engulfing candlestick pattern above the 23.6% Fibonacci expansion at 124.52. Near-term resistance lines up at 125.55, the 38.2% level, with a break above that targeting the 50% Fib at 126.39. Alternatively, a push through support exposes 123.58 as well as a rising trend line set from early June, now at 123.14.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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